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What is a Guardian? A Guardian is a Court appointed person authorized to make legal, medical and financial decisions for a disabled person.

Why would I need to pursue a Guardianship? Guardianship is necessary when an individual becomes incapacitated and there is not a legal Medical and/or Durable Power of Attorney in place that would allow someone to act and make decisions on an individual’s behalf and in their best interest. Typically, a relative or friend to the disabled person Petitions the Court of Chancery in Delaware, or the Circuit Court in Maryland, and requests permission to serve as the Guardian. The disabilities that require t...

“Historically, the purpose of a power of attorney is to select an agent (and ideally, successor agents) to act, in case you need assistance.”

Naming a trusted individual, whether a family member or a friend, to be your power of attorney is a significant decision. That person has the power to make financial decisions on your behalf, when you are unable to do so. It is, therefore, a serious responsibility, says My San Antonio Life in the article “Substitution of Agent and Delegation of Authority.”{: target="_blank"}

Here’s an example of what can go wrong. A man’s father signed a durable power of attorney a decade ago, naming his son ...

“You have reviewed multiple drafts of your Will, Trust, Living Will and Financial Power of Attorney, attended multiple meetings with your attorney, discussed the final distribution of your assets, selected your Executor and Trustee and finally executed your estate planning documents. So, you must be done, right?”

Putting your estate plan in place is a big first step in the process. However, it is only the first step for many people, according to this article “So You Think You’re Done with Your Estate Plan…”{: target="_blank"} from the National Law Review. Here’s an excellent checklist of items that are commonly overlooked and t...

“In March 2018, the U.S. Census Bureau reported that by 2030, all baby boomers will be over the age of 65, leading to a unique situation in demographics: 20% of U.S. residents will be at retirement age.”

Part of the increase in the number of people who live long enough to be of retirement age, is because life expectancies have increased. The average U.S. life expectancy has increased from 68 years in 1950 to 79 years in 2013, according to the Population Reference Bureau cited in an article from U.S. News & World Report titled “How Should I Finance Assisted Living?”{: target="_blank"}

The combination of increasing life expectancies ...

“Many of us have experienced the unexpected "telephone call" from a hospital or loved one that a sudden negative medical event has occurred, involving a member of your family.”

It’s never a good thing, when you get a call and the person on the other end asks if you are sitting down.

A sudden death or medical crisis can turn your world upside down, especially if the person was not prepared with the right documents says The Union in the article “Estate planning in a time of crisis.”{: target="_blank"} Your heart sinks and questions start flooding your mind. Will they survive? How far is the hospital and how fast can you get there? ...

“Though retirement can be a fulfilling time in people's lives, it can also be a stressful one. This especially holds true, if you fall victim to the following mistakes, so be sure to avoid them at all costs.”

Most people spend their entire working lives dreaming of retirement. However, when they get there, it’s a new and strange world without fixed schedules or routines. If you make any of these mistakes, reports The Motley Fool in the article “4 Retirement Planning Mistakes You Probably Don’t Even Realize You’re Making,”{: target="_blank"} you might be surprised to find yourself working again!

Relying heavily on Social Secu...

“Although we typically associate the term “estate” with the ultra-wealthy, estate planning is not just for the rich. Everyone, regardless of family dynamics or financial status, can benefit from having an estate plan—a collection of documents that specify how you want your assets distributed.”

Estate planning has a purpose while you are alive, with medical directives and powers of attorney, as well as when you have passed. That is something most people don’t understand. As described in a recent article in Forbes, “6 Reasons Why You Need an Estate Plan,”{: target="_blank"} most people continue to neglect to put a plan in pla...

you will become a widow or widower at some point.”

If it’s any comfort, there are now some 20 million widows and widowers in America, according to a study from Merrill Lynch and Age Wave that focuses on widowhood, as reported by CBS News’ Moneywatch in “A retirement planning must-do for married couples.”{: target="_blank"} The study, “Widowhood: The Loss Couples Rarely Plan for—and Should” takes a detailed look at what happens, when the first spouse dies.

It should be noted that women are three times as likely as men to be the surviving spouse, since women historically tend to live longer. Widowers tend to marry younger wom...

"Do not buy into the myth that estate planning is only relevant for wealthy individuals who need tax planning.”

One of an estate planning attorney’s main responsibilities is ensuring that clients understand the importance of addressing these matters before they become an issue, reports the New Jersey Herald in the article “The importance of putting plans in writing.”{: target="_blank"}

The message hits home especially hard, when the friends of estate planning attorneys experience problems that could have been resolved earlier with correct planning. In one example, a woman’s friend began to experience unexpected health problems. Her...

“Everyone needs a will, but, increasingly, estate planners say people also could benefit from setting up a trust while they are alive. That step would help assure that their assets are distributed more quickly, their bills paid promptly and continuously, and personal information about property and other assets are kept out of the public eye.”

You might think of a trust as something for wealthy people who want to dispose of high-end assets, like art work, collectible cars or businesses. However, just like everyone needs an estate plan regardless of their asset level, says The New York Times in the article, “Life After Death? Here’s Why...

“When my husband and I were in our 20s, we didn’t have what anyone would consider an ‘estate.’ We lived paycheck to paycheck and had a mortgage on a small house. We did, however, have two priceless assets that provided good reasons for us to make a will—our children.”

No one likes to consider the prospect of tragedy striking, especially when children are young, but according to this article in the Lodi News Sentinel, “Planning for what comes last,”{: target="_blank"} estate planning is especially important for families just starting out. When the children grow up, estate planning is important to protect the children, making...

“Aretha Franklin's death is going to cause some headaches for her heirs.”

The Queen of Soul did not have an estate plan, a will or a trust when she died from pancreatic cancer recently, according to news reports. That’s especially surprising, said Investment News in the article “Aretha Franklin estate echoes planning problems of Prince,”{: target="_blank"} since her estate has already been valued at as much as $80 million.

Franklin was not married, so the estate will pass to her four children. It’s similar to the situation that occurred when Prince died unmarried and without a will in 2016.

Had she been married her estate would...

“Choosing an assisted living facility can be frightening prospect for anyone. However, the fear can be greater for people with no kids to help them through the process.”

When you don’t have kids or close family members, making decisions about an assisted living facility can be lonely and daunting, often leading people to delay planning. For many people, says Financial Planning in a recent article “Planning challenge: aging clients, no kids, assisted living required,”{: target="_blank"} just the thought of moving into an assisted living facility, means they are entering a dark tunnel or, as some say, heading into God’s waiting ro...

“Four types of expenses can wreak havoc with your retirement.”

Retirement is a balance between enjoying your golden years, taking good care of your health and balancing your finances, so you don’t run out of income too early. However, as reported by MD Magazine in the recent article “Four Big Retirement Threats and How to Protect Yourself,”{: target="_blank"} there are challenges ahead, some of which you can control, others requiring preparation.

Threat One: Premature death of a spouse and loss of Social Security or pension income. The loss of one Social Security check can have a significant impact on the household’s income. This...

“The goal: to see if researchers can monitor and detect health changes in older adults and enable them to live longer in their own homes. For example, early signs of cognitive decline may be detected through changes in computer use or driving.”

A research assistant tested and placed sensors in the studio apartment of a 75-year-old Portland, OR resident one June morning. The man was basically allowing his house to be reconfigured, reported The Wall Street Journal in the article “A Tech Test to Keep Seniors in Their Homes Longer.” {: target="_blank"} The man was taking part in a large national study called CART–Collaborative Aging (I...

“Searching for a lawyer who can help you put together a good estate plan, may seem like a daunting task. However, with a little help, you should be able to find several qualified lawyers to choose from.”

Finding an estate planning attorney who can help you create an estate plan that works for your family, is an important first step in creating an estate plan. You’ll want someone you are comfortable with, who is respected by other professionals and will be able to help your loved ones during emotional times. An article from The Balance, “Tips for Finding an Estate Planning Attorney,”{: target="_blank"} offers some useful pointers...

“It's difficult to determine exactly how much to save for retirement. Some people pick a round number, such as saving 10% or 15% of their salary, while others use an external cue, such as the amount of money that will be matched by an employer.”

Are you saving enough for retirement, asks US News & World Report in the article “Are Your Retirement Savings Ahead of the Curve?”{: target="_blank"} Maybe the better question to ask is more specific: How much income do you think you’ll need to replace your salary to pay for your chosen retirement lifestyle? Remember that even when you are not working, you’ll still need to cover healthcare ...

“People are storing important documents, such as wills and medical directives, online. While convenient, there are a few things to keep in mind before you open another online account, experts say.”

There are some clear benefits to storing your will and documents online. You and your spouse (or other authorized people) can access them anytime, from anywhere. We are used to putting our lives online. However, there are also some downsides to consider before doing so, according to a helpful article from CNBC titled “Here’s what you need to know before storing your will online.”{: target="_blank"}

It’s good to have all your important ...

While you’re refining your estate plan to live through your senior years, don’t forget about final arrangements.

For most folks, postponing thinking about their funeral is the status quo, until someone close to them dies or until they have a health scare. Worse, according to The North Platte Telegraph’s article, “Sunday Focus: Don’t wait to make a plan until it’s too late,” {: target="_blank"}they don’t address their demise at all, putting friends and family members in the position to have to guess what they would have wanted.

If you pre-plan your funeral, your family and loved ones are spared the unpleasant guessing game. ...

“Many seniors may be more focused on their bucket lists, than worrying about having their financial affairs in order.”

Seniors should be having some heart-to-heart discussions with their spouses and loved ones about their wishes concerning their assets and their final days, according to Intermountain Catholic in “Retirees Have Several Financial Issues to Consider.”{: target="_blank"} After a loved one dies, family members are often left dealing with the expenses of their medical care and funeral. To be left to deal with these issues while grieving, adds another layer of heartbreak. It doesn’t have to be this way.

Many people put ...

“In the coming decades, baby boomers in the U.S. are expected to transfer an estimated $30 trillion in assets to subsequent generations. For many families in Minnesota, that will include the family cabin.”

One of the key markers of summer in many areas is crowded roads, as folks head out of the city to their summer retreats, like the Outer Banks of the Carolinas or the Berkshire Mountains. They know it’s summer in Minnesota, when the roads are filled with families headed to lake cabins. The tradition may not last another generation, according to MinnPost’s in “The uncertain future of cabins in Minnesota.”

Millennials in their...

“The process of estate planning is only more painful, if one spouse has already passed. In this situation, a surviving elderly parent may enlist the assistance of their adult children to manage and divvy up finances.”

Having adult children actively involved with their mother or father, when the other spouse has passed is a blessing. However, sometimes too much of their influence can create unwanted and burdensome legal problems, especially if a parent is having diminished mental capacity. In an article from Caring.com, “How to Stay Respectful (and Legal) In Parents’ Estate Planning,”{: target="_blank"} adult children are advised...

“Since last year, the NAHB has seen a 30 percent increase in the number of its members seeking special training to help older clients who want to stay in their homes for as long as possible. Remodeling a house, is just one way to make that happen.”

The ultimate goal of aging in place is avoiding a move to an assisted living facility or a nursing home. For some people, it may mean staying in their current home or perhaps moving from a home with more than one level to a ranch with one level or an apartment building with an elevator. According to US News & World Report in the article “Tips to Help You Age in Place,” {: target=...

Many people assume that Revocable Living Trusts are just for wealthy people. However, the benefits that they can offer to someone with even minimal wealth are significant.

One of the more common questions for estate planning attorneys is asked and addressed in an article from thebalance.com, “Will or Revocable Living Trust—Which Do You Need?”{: target="_blank"} It’s a good question because many people don’t understand how important having a will is, even if you don’t have a large amount of property. The following are some factors to consider, when speaking with your estate planning attorney about wills and different types of trusts....

“The succession-planning process is complex and lengthy. To keep your eye on the ball and meet your goals, your family must meet regularly to foster good communication and trust.”

The future for a farm family depends on family meetings that involve all stakeholders. The likelihood of success is bolstered by meeting in a neutral location, holding short meetings on a regular basis and setting clear goals, according to AgWeb.com’s article “Family Meeting Fundamentals.”{: target="_blank"}

Families who want to hold one meeting a year that covers every single aspect of the succession plan, end up with a room full of confused and someti...